#USDJPY @ 141.792 prints the first daily loss in five, holds lower ground near intraday bottom of late. (Pivot Orderbook analysis)

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• USD/JPY prints the first daily loss in five, holds lower ground near intraday bottom of late.
• US Treasury yields struggle to justify hawkish bias from the Fed.
• China Covid woes underpin the US Dollar’s haven demand.

The pair currently trades last at 141.792.

The previous day high was 142.25 while the previous day low was 140.16. The daily 38.2% Fib levels comes at 141.45, expected to provide support. Similarly, the daily 61.8% fib level is at 140.96, expected to provide support.

USD/JPY renews its intraday low around 141.80 as it defies the four-day uptrend bullish trend during early Tuesday. In doing so, the Yen pair traces sluggish US Treasury yields amid a lack of major data/events, as well as the market’s cautious mood ahead of this week’s key catalysts scheduled for publishing on Wednesday.

That said, the US 10-year Treasury yields print the first daily loss in four, down one basis point near 3.81% by the press time, as the latest comments from the Federal Reserve (Fed) officials fail to bolster the previously hawkish bias.

With this, the US Dollar Index (DXY) drops to 107.55, down 0.25% intraday while snapping a three-day uptrend.

It’s worth noting that Federal Reserve Bank of Cleveland President Loretta Mester said in a CNBC interview, “I think we can slow down from 75 at the December meeting.” Previously, Atlanta Federal Reserve President Raphael Bostic also turned down the 75 bps move and challenged the DXY bulls.

Elsewhere, seven-month high daily coronavirus cases from China renewed supply-crunch fears and keeps the US Dollar buyers hopeful ahead of tomorrow’s preliminary readings of the monthly activity data and the Federal Open Market Committee (FOMC) Meeting Minutes.

Amid these plays, S&P 500 Futures print mild gains despite the downbeat closing of Wall Street. Further, Japan’s Nikkei 225 prints 0.80% intraday upside near 28,160 by the press time.

Moving on, a lack of major data/events could allow the USD/JPY buyers to take a breather ahead of Wednesday’s important catalysts. However, the monetary policy divergence between the US Federal Reserve (Fed) and the Bank of Japan (BOJ) joins the coronavirus woes to favor the bullish bias.

Unless staying beyond the 100-DMA level surrounding 141.00, the USD/JPY bulls remain hopeful.

Technical Levels: Supports and Resistances

USDJPY currently trading at 141.76 at the time of writing. Pair opened at 142.07 and is trading with a change of -0.22% % .

The pair is trading below its 20 Daily moving average @ 144.36, below its 50 Daily moving average @ 145.08 , above its 100 Daily moving average @ 141.03 and above its 200 Daily moving average @ 133.47

The previous day high was 142.25 while the previous day low was 140.16. The daily 38.2% Fib levels comes at 141.45, expected to provide support. Similarly, the daily 61.8% fib level is at 140.96, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 140.74, 139.41, 138.65
• Pivot resistance is noted at 142.83, 143.59, 144.92

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